The ECB and UK rate announcements were overshadowed by the ECB Press Conference during which Trichet did a phenomenal job of portraying Greece in any negative way. Just about all the questions asked were aimed at Greece, borrowing costs, and the IMFs role in a possible bailout. Trichet pointed out something important, which I think led to a mild euro bounce, Greece GDP only makes up 2.5% of total EZ GDP. Nonetheless, Im sure we will still hear comments in regards to Spain, Portugal, and Italy and how they will be affected by very similar scenarios in the future. Economic data out of the UK was surprisingly better and we continue to be bullish on the pound. Well look for entry signals and a move above 1.53 should open the door to a rally into the 1.55 zone.

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